Finding Tenants During COVID-19

3 Replies

Hello,  my wife and I just closed on our first duplex in Minnesota.  I was wondering what I should put for screening requirements during COVID-19.

Tentative Tenant Screening Requirements:

  • Healthy credit history
  • Income 3x greater than rent
    • Last two paystubs & proof of employment
  • Clean background check
  • Clean eviction history
  • Positive reference check

And suggestions are greatly appreciated! 

Thank you!

Justin,

Congrats on the duplex! 

You're already ahead of most investors since you're putting together screening criteria. Your criteria will develop and improve over time so don't worry about getting it 100% perfect the first time (it's impossible). 

However, you want to make your criteria as clear as possible - instead of saying "healthy credit history" you can say "minimum 600 credit score", instead of "clean background check" you can say "no felonies", etc. 

Think about the kind of people that you want renting from your property, then create a minimum standard (your screening criteria) they need to meet. Be clear in your criteria so there's no room for interpretation that can get you into fair housing issues. 

The market will quickly tell you if your criteria is too stringent, and you'll find out if it's too lax after a few months of dealing with the tenant. 

Congrats again and best of luck!

I don't call them Requirements, but Typical Qualifications.  Here is mine for my $1270/mo townhouse:  Typical Qualifications: 2 months recent earnings statements, employer verification/proof of income showing $47,000 minimum yearly income; all persons 18+ years of age must qualify individually unless proof of dependent of Applicant(s). Non-smokers only. Clean credit (preferably 640 or higher). Clean criminal/background check for all Applicants and Other Occupant dependents over 18+ years. Clean rental history. No evictions. No judgments. For consideration of exceptions, enter info on last page of application.